Why invest in Northern Cyprus?

Turkish Republic of Northern Cyprus (TRNC) is the new Mediterranean property hotspot! With buyers from the UK, East and Western Europe, Scandinavia and the Middle East increasingly lining up to buy a North Cyprus villa or apartment. North Cyprus is gradually becoming one of the most popular areas of investing in real estate. Especially attractive Northern Cyprus is to residents of those countries, whose national currencies in recent years became weaker. In connection with the currency crisis has appeared an urgent need to save the remaining part of the capital, to protect assets from future risks.

 

You can secure, low-cost yet fast-rising North Cyprus property investment in this unique non-Euro-zone economic area with an international population of residents from all over the world.

Northern Cyprus is a non Eurozone area.

The non Euro-zone status of Northern Cyprus, previously seen as a DIS-incentive to many, has recently become a huge bonus and sales point for overseas property buyers. All North Cyprus property prices are linked to the stable pound sterling which is the de facto international currency in the TRNC, where shops and restaurants also widely accept the pound as well as the Turkish Lira.

In North Cyprus, investors and lifestyle property buyers have “the best of both worlds” – getting their property value fixed to a stable currency whilst also gaining a low cost of living (due to favourable exchange rates against the Turkish Lira), which makes eating out, shopping or furnishing a new North Cyprus property extremely affordable.

Climate.

North Cyprus offers on average 340 days of sun per year and the warmest winter temperatures of anywhere in the general European area, being also warmer than Turkey.

Connections. 

There are two major airports in Cyprus: Ercan (Lefkosa) in the Northern part and Larnaca Airport in the south of Cyprus. Any property seeker with either a European or Common wealth passport, or Schengen visa is free to enter via the global hub of Larnaca airport, which offers fabulous connections all over the world. Ercan airport in the North of Cyprus requires no advance visa and is therefore ideal for those non-Schengen nationals who can easily and affordably arrive via Turkey.

Safety and Low Crime Rate.

A recent research carried out by ValuePenguin has confirmed that Cyprus is one of the safest countries in the world. Cyprus is proud to hold the 5th place worldwide out of 106 countries that were analyzed during the research about the safest countries in the world. Moreover, Cyprus is the number 1 safest place to live and travel among the countries that have population under 5 million.

Almost every passport holder in the world can enter or live in North Cyprus with no advance visa required. Not only that, but almost every national can also buy property in the TRNC! Once you have an address, you can easily apply for North Cyprus Residency, (it takes 21 days to be ready) which is renewable annually as long as you can prove your ability to support yourself financially and that you have no communicable or serious diseases.

Easy to Grant Residence Permit.

Happy owners of property in North Cyprus can apply for the residence permit in the country. However, if in the southern part of the island there is a minimum investment amount of €300,000, but in the North there is no such requirements. The procedure is free, takes about 3 weeks. Homeowners aged 60 years, can live on Northern Cyprus without a residence permit. To process the residence permit, the property owner must open a Bank account and fund it by a certain amount (based on $10,000 for each family member) in order to prove their solvency. The residence permit must be renewed every year. After 7 years of living in TRNC can apply for citizenship.

Prices.

North Cyprus property is far more affordable than many other Mediterranean locations for the same standard of property. It is also more exclusive, offering a unique island atmosphere.

Over the last few years property prices in North Cyprus has increased significantly.

Tax on real estate in the Northern part of the island of Cyprus is quite low. In the table below, we mentioned taxes and other payments that a foreign owner has to pay for the real estate.

Unspoilt Nature.

The unspoilt, natural charm of the traditional countryside villages and the lovely welcoming nature of the Turkish Cypriot people are very appealing to property buyers. Many North Cyprus villa and apartment complexes have as a backdrop the rapidly rising Besparmak (Five Finger) mountain range which sweeps down to the north coast beaches beyond. TRNC property investors have the choice between city properties with easy access to the charming Kyrenia Harbour with its “Monte Carlo”-style nightlife, restaurants, casinos and yachts, or a beachfront or mountainside property in a village or the countryside surrounded by fields, olive or carob groves and local character yet with many only 20-30 minutes’ drive from the buzzing city. Even many town-centre properties in North Cyprus have views to the mountains and can enjoy the floodlit St. Hilarion Castle at night, perched on the mountaintops behind Kyrenia. Unspoilt natural beauty is never far away for a North Cyprus property owner, whether you choose the north coast, east coast or west coast as your preferred location. The popular east coast near to Famagusta and the unspoilt more distant Karpaz Peninsula offer long stretches of sandy North Cyprus beaches, whilst the less developed west coast is great for water sports and kitesurfing, fuelled by the favourable winds on that side of Cyprus. Whatever type of environment you love, you will find it in North Cyprus.

Rich Culture.

Northern Cyprus offers a unique blend of history, fabulous cuisine, Turkish culture and classical music and other festivals. Where else in the Mediterranean can you find, in such a close proximity, annual classical music festivals against the backdrop of the hauntingly beautiful Bellapais Abbey, a unique Turkish Cypriot cuisine with a wide selection of world-class North Cyprus eating places, traditional craft and other local festivals, and a rich history of ancient castle, tombs and sites thousands of years including Greek temples, Roman cities, Persian Palaces, Crusader castles and much more! In addition, the natural beauty of the Karpaz wilderness and the Besparmak mountains which rise up behind Kyrenia, “the jewel of the Mediterranean” leave most first-time visitors to North Cyprus realising they have unwittingly started a love affair which will become a life-long passion. It is this passion which leads many North Cyprus property seekers to buy their little part of heaven and come back year after year to their North Cyprus home.

Education.

Northern Cyprus has long been a country where the education sector has been a very important place with its advanced universities and number of students in the field of education. In recent years, the number of universities actively teaching has increased to 18 with newly opened universities. With universities whose permits have been completed and are expected to start training soon, this number will rise to 26. Today, the number of active students in TRNC has exceeded 100,000, and this number increases by 12% to 15% each year. This creates serious opportunities in both real estate and investment areas and is growing the economy of the country.

Tourism.

New TRNC government statistics have seen North Cyprus tourism increase significantly in the last 12 months – with increased numbers arriving from diverse areas including Europe (France and Germany both up by 25%), North America (Canada and USA up by 10 and 20%), Scandinavia (Finland up by 50%) even new arrivals from China (up by 18%)!

Ercan Airport.

The tourism minister of TRNC, Unal Ustel, said that when the construction of a new terminal at Ercan Airport is completed, campaigns will be launched to start direct flights to Northern Cyprus in Europe and the UK. New Ercan will operate at the same level as other modern international airports, ensuring passengers’ safety, flight safety and highquality service. Northern Cyprus Prime Minister, Ersin Tatar, said that the work on the new runway and terminal at Ercan airport has been completed and the opening date has been set for 29 October, 2020.